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Media releases 2008

 
4 December 2008

SFBC and large banks agree to set higher capital adequacy targets and introduce a leverage ratio
The Swiss Federal Banking Commission (SFBC) has agreed with Credit Suisse and UBS to raise current capital adequacy requirements and introduce additional elements to the regime. The new capital adequacy ratios were defined and communicated by the SFBC to the two banks with a formal decree on 20 November 2008. They must be complied with by the year 2013 subject to the profits earned in future periods.

> Media release
 
 
16 October 2008
Subprime Crisis: SFBC Investigation into the Causes of the Write-downs of UBS
The Swiss Federal Banking Commission (SFBC) has investigated the causes of the significant write-downs incurred by UBS. The investigation confirms that the write-downs were mainly caused by organizational weaknesses as well as by an insufficient assessment of the relevant risks in combination with the exceptional market environment. The investigation encompassed only the period prior to August 2007. The bank has developed a comprehensive and detailed remediation plan to eliminate the weaknesses it identified, and this plan is being or has already been implemented. The SFBC supports these remedial actions in coordination with other supervisory authorities and is following the implementation process closely.
> Media release
> SFBC - UBS Subprime Report
 
 
16 October 2008
SFBC welcomes measures to strengthen Swiss Financial System
The Federal Council, the Swiss National Bank (SNB) and the Swiss Federal Banking Commission (SFBC) present a joint set of measures. The measures developed by the authorities will contribute substantially to the strengthening of the Swiss Financial System.
> Media release SFBC
> Media release FDF
> Media release SNB
 
 
16 September 2008
SFBC to open consultation process about the suppression of the so called „Swiss finish“ for collective investment schemes
The Swiss Federal Banking Commission (SFBC) opens the consultation process about the suppression of the so called “Swiss finish” for collective investment schemes. Besides the suppression of formal requirements it is in particular the renunciation of case based regulation regarding the name policy of collective investment schemes as well as the amendment of article 31 para. 4 CISCO in order to adapt it to the European minimal standard. The consultation process takes place with the approval of the Federal Finance Administration (FFA).
> Media release (in German or in French)
> Information about the consultation (in German or in French)
> Cover letter (in German)
> Report (in German or in French)
> Amendments to the Ordinance on Collective Investment Schemes (in German, in French or in Italian)
 
 
9 September 2008
Peter Eckert to resign from SFBC and FINMA board of directors by end of 2008
Peter Eckert is since 1 July 2007 member of the Swiss Federal Banking Commission (SFBC) and since January 2008 vice-president of the FINMA board of directors. He will leave the SFBC and the FINMA board of directors on 31 December 2008 in order to take over the presidency of the board of directors of the Bank Clariden Leu beginning of January 2009. The SFBC and the FINMA board of directors thank Mr. Eckert for his excellent work in both entities and wish him a lot of success in his new position. An election to replace Mr. Eckert in the FINMA board of directors will take place in a second time.
> Media release
 
 
5 September 2008
SFBC recommends more transparency of distribution compensation in asset management
The Swiss Federal Banking Commission (SFBC) opens a hearing with respect to the incentive systems and conflicts of interest regarding the distribution of financial products. The SFBC is proposing a greater transparency of distribution compensation for end clients.
> Media release (in German or French)
> Information about the consultation (in German or French)
> Discussion paper (in German and summary in English)
 
 
5 September 2008
Minimum guideline standards for the self-regulation of the asset management industry
The guidelines are meant to serve as a reference for the codes of conduct of asset management professional associations that wish to have their codes recognized by the SFBC as a minimum standard.
> Media release (in German or French)
> Information about the consultation (in German or French)
> Report (in German or French)
> Draft circular "Guidelines on asset management" (in German or French)
 
 
27 August 2008
Federal Council approves FINMA personnel ordinance
At its meeting today, the Federal Council approved the personnel ordinance requested by the Board of Directors of the Swiss Financial Market Supervisory Authority (FINMA) and the Federal Department of Finance (FDF). The personnel ordinance emphasizes a strong performance approach while maintaining a high degree of flexibility. It lays down principles applicable to the employment relationships of all FINMA’s staff.
> Media release
> FINMA personnel ordinance (in German, French or Italian)
 
 
21 July 2008
SFBC aims to amend the rules on deposits with cooperatives, associations and foundations
SFBC opens consultation process on the amendment of article 3a of the Banking Ordinance. This provision foresees exception rules for deposits paid to cooperatives, associations and foundations. According to the proposed amendment, this exception would be restricted to cases where the deposits have a mandatory connection to the organisation's non-commercial purpose or mutual self-help objective. The consultation takes place in arrangement with the Federal Finance Administration.
> Media release
> Information about the consultation (in German or French)
> Cover letter (in German)
> Amendments to the Banking Ordinance (in German or French)
> Report (in German and summary in English)
 
 
30 June 2008
New members of the Takeover Board
The Swiss Federal Banking Commission (SFBC) has elected Dr Susanne Haury von Siebenthal and Prof. Dr Regina Kiener as new members of the Takeover Board (TOB).
> Media release
 
 
21 May 2008
FINMA: Executive Board appointed, additional election to the Board of Directors
The Swiss Federal Council today approved the appointment of Patrick Raaflaub as Director of FINMA at the request of the Board of Directors. This completes the appointments to FINMA’s Executive Board, which will begin operating on 1 January 2009. Until FINMA’s launch date, all operational supervisory functions will remain with the three authorities that are being merged.
> Media release
> CVs
 
 
25 April 2008
Walter Knabenhans elected vice-chairman of the Takeover Board
The Swiss Federal Banking Commission (SFBC) has elected Walter Knabenhans as vice-chairman of the Takeover Board (TOB). He is member of the TOB since 1 January 1999. Walter Knabenhans is President of the Board of directors of Bellevue Group AG, Küsnacht. Walter Knabenhans has been elected for the current term of office until end of 2011.

The TOB was established under the Federal Act on Stock Exchanges and Securities Trading and monitors compliance with the provisions pertaining to public takeover offers. The TOB has currently seven members.
> Media release
 
 
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